Account Closure

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Account closure is the process of permanently terminating an account within the Virtual Account Service (VAS). Closure ends all associated activities, transactions, and services, in line with BCB’s policies and regulatory requirements.

The closure process depends on the type of account being terminated: Sub Account, Parent Account, or Settlement Account.

Sub Account Closure

A Sub Account must be closed when a Corporate Client discontinues services for a Customer, or when the Customer no longer requires a Sub Account.

Process:

1. The Corporate Client initiates a closure request to BCB.
2. BCB follows its existing Account Closure procedure, ensuring:
   • All outstanding transactions are settled.
   • Any remaining balance is transferred either:
     • to the Customer’s designated BCB account, or
     • to a pre-approved external bank account (as instructed by the Corporate Client).
3. Once balances are moved, the Sub Account is permanently closed and cannot be reused.

Parent Account Closure

A Parent Account must be closed if the Corporate Client discontinues use of the VAS entirely, or terminates their relationship with BCB.

Process:

1. The Corporate Client initiates a closure request to BCB.
2. All underlying Sub Accounts must be closed first before a Parent Account can be terminated.
3. BCB applies its standard Account Closure procedure, ensuring all outstanding transactions are settled.
4. Any remaining balance is transferred to a designated target account, as instructed by the Corporate Client.
5. Once completed, the Parent Account is permanently closed.

Settlement Account Closure

The Settlement Account must be closed when a Corporate Client terminates its overall relationship with BCB.

Process:

1. Closure follows BCB’s existing Account Closure procedure.
2. All outstanding transactions are settled.
3. No additional VAS-specific steps are required for Settlement Account closure.

Developer Notes

• Closure Dependencies:
  • Sub Accounts must be closed before a Parent Account can be closed.
  • Parent Account must be closed before the Settlement Account can be closed.
• Balances & Transfers:
  • All remaining balances are moved to designated accounts before closure is finalized.
  • Transfers can be to internal BCB accounts or pre-approved external accounts.
• API Considerations:
  • Future VAS APIs may expose closure requests as workflow states (e.g., pending_closure, closing, closed).
  • Error codes should be expected if attempting to close a Parent while Sub Accounts remain open.
• Irreversibility:
  • Once an account is closed, it cannot be reopened. A new account must be created if services are re-initiated.